Smart Insulin Pens Market (Product: Smart Insulin Pen and Adaptors for Conventional Pen; Connectivity Type: Bluetooth and USB)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Smart Insulin Pens market size was estimated at USD 100.2 billion in 2021 and is expected to surpass around USD 209.4 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 15.2% during the forecast period 2022 to 2030.

Smart insulin pen is a reusable injector pen that can be connected to a smartphone app, which helps diabetic patients to better manage insulin administration. Most diabetic patients have difficulty calculating their insulin dosage correctly. This can lead to insulin stacking. Adding more insulin while the rest of the insulin is still active in the body from previous doses can lead to hypoglycemia. Smart insulin pen can calculate each dose based on the current blood sugar level, carbohydrate amounts, meal size, active insulin, and settings prescribed by the doctor. It can also deliver accurate half-unit doses; help prevent skipped or missed doses; keep track of the time and amount of each dose; and remind a patient when it is time for the next one. The two types of insulin pen are disposable and reusable. Disposable pens are prefilled with insulin. These can be disposed when the insulin runs out. Reusable pen allows replacement of cartridge when empty. Overall, large number of people prefer insulin pens over syringes. It is easier to carry insulin pens and prepare doses for injection.

In 2022, the American Diabetes Association (ADA) updated its diabetes guidelines. For the first time, the ADA recommended insulin pens instead of vials and syringes. Newer devices, such as smart insulin pens, are likely to play a role in better management of diabetes, which is a chronic disease. A number of technologies have become available to help diabetic patients control their insulin usage over the last decade. Smart insulin pen can help patients adjust insulin doses, monitor blood sugar, and make dosage reminders. The global smart insulin pens market analysis indicates that different smart insulin pens are available based on patient convenience.

Report Scope of the Smart Insulin Pens Market

 Increase in Awareness about Diabetes to Drive Global Smart Insulin Pens Market

Diabetes is a leading cause of death globally. The prevalence of diabetes is increasing in the adult and pediatric population. In November 2018, the American Diabetes Association entered into a partnership with the American Heart Association to increase awareness about cardiovascular diseases caused due to type 2 diabetes.

Diabetes is a leading cause of death in India. The Ministry of Health and Family Welfare (MoHFW) launched mDiabetes, a mobile health initiative for the prevention and care of diabetes, in collaboration with the WHO Country Office for India and other partners. The Division of Diabetes and Translation, a department of the CDC, supports activities and programs that help prevent type 2 diabetes and improve patient health outcomes. In March 2015, NHS and Public Health England launched a National NHS Diabetes Prevention Program. Prevalence of type 2 diabetes has decreased in the U.K. through this program. The National Programme for Prevention and Control of Cancers, Diabetes, Cardiovascular Diseases, and Stroke is arranged by the National Health Mission. The program aims to strengthen the infrastructure, primary healthcare system, and health prevention. Thus, increase in awareness about diabetes is likely to drive the global smart insulin pens market share during the forecast period.

Integration of Monitoring and Therapeutic Features to Propel Smart Insulin Pens Market

Smart insulin pens offer significant advantages in diabetes management. These pens carry additional features that help record the last dose of insulin. Taking insulin every day through a syringe and needle is quite difficult and stressful. Hence, patients prefer integrated technology. Usage of smartphone and the Internet for record tracking has increased due to advances in the device connectivity technology. Integrated technology helps detect the blood glucose level and calculate the insulin dose. Additionally, it provides a predetermined time interval for insulin administration. Self-collected information by a patient is transferred via smart technological tools and apps to physicians or medical professionals. For instance, InPen insulin pens are connected with smartwatches & armbands and smart apps, which help record physical activity and transfer the data to physicians.

Surge in Adoption of Connected Medical Devices to Augment Smart Insulin Pens Market

Diabetes is a disease, in which a patient’s blood glucose level increases. Type 1 is insulin-dependent diabetes, while type 2 is non-insulin-dependent. A patient suffering from diabetes finds it quite painful and stressful to self-administer doses of insulin every day. Hence, patients are looking for pain-free, safe, cost-effective, and easy-to-handle novel insulin delivery technologies.

Smart insulin pens carry several advantages over conventional delivery. They provide better flexibility regarding the daily schedule and also improve the quality of life. These insulin pens can deliver accurate dosage of insulin. The memory feature of smart insulin pen can recall the timing and amount of the previous dose. Furthermore, the portable and convenient nature of pens is a key advantage over conventional delivery. Smart insulin pens save time, as they contain a pre-set insulin level and are prefilled. Administration of insulin with pens is time-saving and is highly preferred among children and older adults. These features of smart insulin pens lead to higher patient compliance.

Technological Advancements in Smart Insulin Pens to Fuel Global Market

Emerging technologies in smart insulin pens are projected to drive the global smart insulin pens market size during the forecast period. iSenz, an adaptor for smart insulin pens, has a feature to detect the insulin level by scanning. It provides the correct angles for injections in order to optimize the injection sites for diabetes. Easylog is an adaptor for insulin pens connected via the Internet. It provides the right dosage and offers better comfort to the patient for the treatment of chronic diseases such as diabetes. InsulCheck is a cap for insulin pens that contains a sensor to track pen usage and temperature.

Rise in Prevalence of Diabetes Propelling Demand for Adaptors for Conventional Pens

In terms of product, the smart insulin pens market has been bifurcated into adaptors for conventional pens and smart insulin pens segments. The adaptors for conventional pens segment accounted for the leading share of the global market in 2021. The trend is anticipated to continue during the forecast period. Rise in prevalence of diabetes in people of all ages across the globe is projected to drive the segment during the forecast period.

Technological advancements such as memory function and accurate dosage administration are anticipated to augment the smart insulin pens segment during the forecast period.

Regional Outlook of Global Smart Insulin Pens Market

North America accounted for major share of the global market in 2021. The market in the region is driven by the presence of key players and high rate of adoption of technologies. Rise in prevalence of diabetes and new product launches and approval are likely to propel the market in North America. The market in Europe is driven by the increase in prevalence of diabetes. According to the International Diabetes Federation, around 452 million people were at risk of developing type 2 diabetes in Europe in 2017. The smart insulin pens market in Asia Pacific is projected to grow at a rapid pace during the forecast period owing to the increase in geriatric population with diabetes in the region.

Analysis of Key Players in Global Smart Insulin Pens Market

The global smart insulin pens market is highly fragmented, with the presence of a large number of players. Key players are expanding their footprint to strengthen their position in the global market. Prominent players operating in the global smart insulin pens market are Novo Nordisk A/S, Sanofi (Sanofi-Aventis US LLC), Eli Lilly and Company, Medtronic plc, Emperra GmbH, Bigfoot Biomedical, Jiangsu Deflu Medical Device Co. Ltd., Diamesco Co. Ltd., and Ypsomed Holding AG.

Key Developments in Global Smart Insulin Pens Market

• In July 2018, Companion Medical, a provider of advanced technological products for diabetes, received approval from the Food and Drug Administration for InPen in the U.S. The product approval enabled the company to strengthen its digital diabetes products portfolio in the U.S.
• In March 2018, Sanofi-Aventis U.S. LLC received approval from the U.S. Food and Drug Administration for Toujeo Max SoloStar. The product approval enabled the company to strengthen its product portfolio.
• In August 2016, Emperra GmbH E-Health Technologies launched Esysta in Germany for the treatment of type 1 and type 2 diabetes. The product launch enabled the company to strengthen its diabetes management product portfolio.

Some of the prominent players in the Smart Insulin Pens Market include:

• Novo Nordisk A/S
• Sanofi (Sanofi-Aventis US LLC)
• Eli Lilly and Company
• Medtronic plc
• Emperra GmbH
• Bigfoot Biomedical
• Jiangsu Deflu Medical Device Co. Ltd.
• Diamesco Co. Ltd.
• Ypsomed Holding AG

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Smart Insulin Pens market

• Product
• Smart Insulin Pens
• Adaptors for Conventional Pens
• Connectivity Type
• Bluetooth
• USB
• Application
• Type 1 Diabetes
• Type 2 Diabetes
• Distribution Channel
• Hospital Pharmacies
• Online Sales
• Retail Pharmacies
• Diabetes Clinics / Centers

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Smart Insulin Pens industry analysis from 2022 to 2030 to identify the prevailing Smart Insulin Pens industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Smart Insulin Pens industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Smart Insulin Pens industry trends, key players, market segments, application areas, and market growth strategies.